Financial Advisory Blog

Armanino’s Financial Advisory blog is your source for thought leadership around cloud ERP and accounting solutions and integrations. Supported by the Cloud Accounting Institute and numerous experts in cloud, finance, reporting, integration, compliance, and technology, Armanino’s Financial Advisory blog features must-read content on what’s happening in the finance industry, case studies, white papers, and much more.

July 23, 2020

If economic uncertainty changed during the course of the application process and/or eight-week period, does that affect eligibility for forgiveness?

Posted by Armanino Financial Advisory Team

Maybe, depending on your loan size. The SBA has deemed that any borrower with a loan under $2 million automatically had uncertainty, so in this case you are fine. However, if your loan was over that mark, the SBA has said they will audit all such loans for proof of economic uncertainty at the time of loan application. If they conduct that audit and find that the case for economic uncertainty was insufficient, then they may reject all forgiveness.

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